Insulin device manufacturer Valeritas has secured a term loan facility of $100 million from Houston-headquartered healthcare debt fund manager Capital Royalty.
The loan will be used to support the commercialisation of V-Go, a newly launched disposable device for the delivery of insulin therapy in adults with Type 2 diabetes.
The investment was made from Capital Royalty’s second fund, which raised $805 million when it held a final close in February this year. The firm specialises in healthcare-focused intellectual property-related investments, made through royalty bonds, secured debt, revenue interests and traditional royalty monetisations.
Charles Tate, chairman and founder of Capital Royalty, said in a statement: “Our investment in Valeritas aligns with our continued focus on building customised financing solutions for healthcare companies with innovative commercial technologies.”
This financing builds on Valeritas’ previously announced $150 million equity financing in 2011, carried out by a syndicate of private equity and venture capital investors.
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